Seapower result down 9pc
SEAPOWER International Holdings yesterday reported a nine per cent drop in profit before extraordinary items to $14.8 million for the six months ended September 30, compared with $16.3 million for the same period in 1991.
The company's earnings were dampened by the performance of its 55 per cent owned subsidiary Paramount Printing Group.
Operating losses of $600,000 from its investment in Paramount and interest expenses for holding the investment of $3.8 million had been absorbed by Seapower.
Earnings per share for Seapower were 5.1 cents, compared with 6.8 cents previously.
During the six months under review, subsidiary Seapower Resources International (SRI), which is engaged in cold storage and food related businesses, branched out to property, signing up a project to develop two million square metres of land in Kunshan, Jiangsu province.